The records for the previous year for Sarasota Boat Builders, Inc., shows the following data::
Selling and administrative expenses $300,000
Direct materials used 530,000
Direct labor (100,000 hours) 600,000
Factory overhead application rate $5 per DLH
Inventories
Beginning Ending
Work in process $150,000 $160,000
Finished goods 80,000 50,000
What is the Cost of Goods Sold?